Tag Archives: Market Report

Dorchester Towers Condo SUMMER 2015 MARKET REPORT (INFOGRAPHIC)

Dorchester Towers Condo SUMMER 2015 MARKET REPORT (INFOGRAPHIC)

The first half of the year has been relatively steady. Both buyers and sellers have reacted to the continued lack of supply within the condominium re-sale market.

Buyers have been bidding away at the most select properties once they come available and sellers have achieved strong pricing with more realistic expectations.

The frenzied 2014 market created a trend where we witnessed and continue to see some sellers and Real Estate brokers push prices to a level where buyers backed away until either a realistic price adjustment occurred or sky high expectations cooled off.

INFOGRAPHIC_Dorchester_WEB

The first half of the year has been relatively steady. Both buyers and sellers have reacted to the continued lack of supply within the condominium re-sale market.

Buyers have been bidding away at the most select properties once they come available and sellers have achieved strong pricing with more realistic expectations.

The frenzied 2014 market created a trend where we witnessed and continue to see some sellers and Real Estate brokers push prices to a level where buyers backed away until either a realistic price adjustment occurred or sky high expectations cooled off.

In terms of Dorchester Towers specifically, the ‘Average Days on Market’ increased from 40 days to 54 days before a contract was signed. The Price negotiability increased from 2.5% (2014) to about 5.4% (YTD 2015). This increase does not indicate prices are decreasing, in fact the prices are still holding steady and increasing in certain segments, indicating that we are seeing a more measured price appreciation.

Price Analysis

  • Alcove Studios: Up about $100 sq/ft since 2014
  • One Bedrooms: Holding steady since 2014
  • Two Bedrooms: Increased $200 sq/ft since the last sale in 2013

In today’s market, new construction condo market is currently the hottest segment of the market place. For brand new renovations or recent renovations, buyers will pay a premium and the likelihood of multiple offers is at its highest.

Having completed our own gut renovation, and having seen multiple apartments renovated recently, if you are interested in Contractor Referrals or curious about what upgrades would maximize the price of your apartment, we would be happy to discuss this with you in private as well.

Continuing into the rest of 2015, with continued low Inventory levels, still historically low mortgage rates for those that need financing, and an overall confidence in New York City as a global safe haven, all indicators of a healthy and active Real Estate Market.

We are Morgan Evans and Eileen Hsu, we are also Dorchester condo owners. Contact us for a confidential and obligation free discussion at (917) 837-8869.

Or send us an email at Morgan.Evans@elliman.com or EHSU@elliman.com

 

Dorchester Rentals that we recently rented:

http://dorchestertowerscondo.com/dorchester-towers-condo-one-bedroom-for-rent-1509/

 

Dorchester Towers Condo #1833 We Just Recently SOLD.

http://dorchestertowerscondo.com/155-west-68th-street-1833-spacious-one-bedroom-with-home-office-for-sale/

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155 West 68th Street SUMMER END MARKET REPORT

DORCHESTER TOWERS  | 155 West 68th Street

SUMMER END MARKET REPORT

The summer months we saw a decent amount of activity for the sales market at Dorchester Towers.  Three different Two(2) Bedroom apartments came on the market for sale.  The prices ranged from $1,400,000 to $2,200,000.  One of those three apartments is currently In-Contract.  The average price per square foot for the Two Bedrooms was in the range of $1500-$1600 sq/ft which is very large increase from previous sales.

 
Dorchester units IN CONTRACT: The In-Contract listing was a listing that we represented the owner and we received a strong amount of interest and were able to secure a highly qualified buyer within 30 days of being on the market.  The other Two Bedrooms have both received interest and offers on them, but for various reasons have not had a buyer sign a contract yet, as of September 30th, 2013.
Dorchester_Tower_34B_exposure
We also saw Two(2) Junior-4 Apartments come on the market.  These Junior-4 (Convertible Two Bedroom) came on the market asking from $1,300,000 to $1,400,000.  The previous sales for a Junior 4 occurred closer to the $1,100,000 range.

Dorchester Towers Condo Renovation:The other notable project at Dorchester Towers was the completion of the lobby renovation that included a gym/fitness room to the amenity package.  As a resident of the building I can say that the lobby renovation was very tastefully done, the overall feedback has been extremely positive.  The addition of the gym when it is complete will also be a very welcome feature of living in the building.

Other than the alcove studio we sold back in the first quarter of 2013 for $709,000, we have not seen any standard One Bedroom’s or studio’s come on the market.  My prediction is that when one of these apartments does come available, if priced and marketed effectively will receive tremendous interest.

Dorchester Interesting Time! As we have  previously mentioned in our monthly newsletters, we are at an interesting time for sales at Dorchester Towers.  The building has drastically improved itself with the lobby renovation and the upcoming hallway renovations.  The overall sales market for condos like those found at Dorchester Towers is extremely robust, with very little inventory available.  Owner’s are asking more for the apartments than what we saw 1 or 2 years ago.  There is a tendency to push and push the pricing to an unrealistic limit and those apartments are still sitting.  We are at a time where asking prices will increase for Dorchester apartments with the features that today’s buyers are looking for(decent views, renovated, not noisy).  Just how much the prices will increase to is a function of what a buyer is willing to pay.

Morgan Evans and Eileen Hsu are both DORCHESTER TOWERS CONDO residents, and  top producing duo at Douglas Elliman Real Estate.

They have both sold and leased multiple units in Dorchester and consistently breaking sales record for Dorchester. It is no wonder Dorchester condo owners always work with Morgan and Eileen.

Call (917)837-8869 to see how Morgan and Eileen can help you with your Dorchester Towers condo unit today.

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Dorchester Towers Condo 155 West 68th Street Mid Year Report 2012

Dorchester Towers Condo 155 West 68th Street Mid Year Report 2012

The Dorchester Tower’s sales market so far in 2012 has not seen too much inventory come available, however most apartments have been selling quickly once they come on the market.  The initial open houses are seeing large amounts of foot traffic, with a number of apartments receiving offers within the first couple weeks of being on the market.  Below is a breakdown of what has sold so far this year.

Dorchester unit 230/231– Sold for $2,550,000, asked $2,690,000, 2221 sq

Dorchester unit 420-Sold for $585,000, asked $625,000, 571 sq ft

Dorchester unit 1132-Sold for Full Price, asked $899,000, 892 sq ft

Dorchester unit 29C-Sold for $1,255,000, asked $1,175,000, 956 sq ft

Dorchester unit 34B-Sold for $1,360,000, asked $1,450,000, 1174 sq ft

Dorchester Tower One Bedroom-Just the single unit has sold.  The One Bedroom market is extremely desirable in the building, low common charges and real estate taxes, combined with efficient layouts with generous closet space.  A well priced renovated Dorchester Towers One Bedroom apartment will sell quickly in today’s active market.

Dorchester Tower Junior 4-Two Junior Four Apartments sold in the first half of 2012.  Both were convertible two bedrooms, which is always a desirable option for a lot of buyers.

Two Bedroom-There are very few Two Bedrooms that come to market at Dorchester Towers and the one that did so far this year was on a high floor and had very nice western and southern views.  There is a pent up demand for well priced Two Bedrooms in the building, when something comes available expect it to sell quickly.

4 Bedroom/3 Bathroom-This unique apartment was a combination that underwent a gut renovation.  A unique apartment, we won’t see this apartment size come available too often in the building.

Dorchester Tower’s is going to be renovating the lobby, planned to begin in the late Summer. A hallway renovation is also planned, but details are still being finalized. There is also a proposal for a fitness room to be added to the lobby level of the building.

The renderings of the lobby renovation look extremely tasteful and we feel will greatly improve the first impression new buyer’s or renter’s will have when entering the building.  An updated lobby and fitness room will definitely improve the value of the apartments in the building.

The first half of 2012 saw increased buyer traffic, quick sales, with what we would say is very little room to negotiate for buyer’s.  Demand for well priced Lincoln Square condominiums for sale, puts Dorchester Towers condos for sale in a strong position as their is pent up demand for what is a relatively small amount of inventory.

We are very experienced and knowledgeable of Dorchester Towers Condo market for both sales and rental.Call us (917)837-8869 and we can discuss in details if you would like to sell or buy a condo unit in this wonderful building.

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Dorchester Towers Condo Rental Market Report Spring 2012

Dorchester Towers Condo 155 West 68th Street Rental Market Report Spring 2012

Spring Summer season is one of the most optimal time for both condo owners and renters to be on the market looking for their ideal rental unit.

Most people do not likes moving in the middle of the winter, even an uncommonly mild Winter weather one like we just had.  Because of this, many of the rental leases are usually up for renewal in the Spring or Summer time of the year.

We have been assisting Dorchester condo owners selling and renting their units for many years now, and it is in our experiences that Spring rental market is traditionally the strongest time for owner’s to be able to maximize the rents received for their condo investment.

At the Dorchester Tower’s there is a unique rental market.  Mainly it is because about almost half of the building is owned and rented out by the sponsor and the other units are owned by individual owners. A potential interested tenants can either rent directly from the sponsor’s management company or an individual owner depending on availability.

Spring Flowers at Dorchester Towers Driveway

At Dorchester Towers Condo, the Sponsor’s Management units are usually updated to a good to brand new renovation.  Condo owners have a varying degree of renovation.  The most challenging to rent units are the 1960s original condition or somewhat original condition apartments.  There are also condo owners who have completed some beautiful renovations, surpassing the management renovations.

Condo owners have a choice to decide whether they will allow a pet in the apartment or not, the sponsor managed unit will allow pets with appropriate disclosure signed.  There is a pet policy that has to be followed.  If you are a Dorchester Towers Condo, please keep in mind that if you prefer tenants not have pets of any kind, dogs or cats typically, that will narrow down the pool of potential tenants.  We have rented many Dorchester Towers units for many condo owners,  and from our past experience, we would say that 25% of people seem to have a pet of some kind.

Pricing for a Dorchester Tower’s Rental units as of 4/2012:

  • Studios- $2500-$2900
  • One Bedrooms-$3000-$3500
  • Junior 4(Convertible Two)- $3800-$4700
  • Two Bedroom/Two Bathroom-$5200+

Sponsor management units command a higher rent than a condo owner.

If you are interested in renting an apartment at Dorchester Towers call us today at (917) 837-8869.

These are active units as of month of April of 2012, to use these prices as a guide, keep in mind that the prices will depend on several factors: market inventory, exposure, renovation, floor height, and different terms of the offer of the potential tenant.

If you are a Dorchester Towers Condo owner, Please call us (917)837-8869 so we can discuss in specific details on your Dorchester unit if you are a Dorchester Towers unit (mail us at Morgan.Evans@Elliman.com or EHSU@elliman.com)

 

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